Here’s How We Are Avoiding Foreclosure For Borrowers
It’s easy to say that one of our social impact goals is to avoid foreclosure, but we wanted to show you first hand what that term means in action.
A quick update on our impact developments;
Earlier this year, we made an announcement of a pool acquisition for impact purposes and we wanted to update you on the progress of that particular pool. We care about our mission just as much as our margins, so after only 2.7 months we analyzed our performance metrics in terms of how many foreclosures we avoided and therefore, how many borrowers could stay their homes.
Our current outcomes show that we have thus far avoided foreclosure in 42.7% of the pool in just 2.7 months. For comparison, the benchmark is 36% over 36 months. Our success rate is high, because we strive to keep the process easy for folks, streamline communication and keep that paperwork at a minimum. This is an example of how quickly we can make things happen towards our true goal; to keep our families in their homes.
There are great stories in those numbers, borrowers who had initially lost a family member or a job and wanted to keep their family in their home. Some folks had been in the modification process for 5, 6, 7 years with other banks, feeling the complete frustration of a process that seems to have no end in sight. All the while, living with the fear that they would lose their home. We have ended their journey for them and given them a light at the end of the tunnel. We hope to share some of these stories in the near future, so you can hear first hand how we are helping folks everyday and driving positive change.